- Axie Infinity price slides further south.
- Renewed buying pressure and volume enter AXS.
- $20 remains the most likely near-term target for bears.
Axie Infinity price continues its slide below the $30 value area and into the $28 range. However, volume is increasing at these lows, and a new high volume node has developed, signaling that some support may be developing.
Axie Infinity hits new 2022 lows, but major volume has poured in
Axie Infinity price continues to be plagued by several negative issues preventing a return to its highs. AXS is still suffering from a significant drop in users, the cost for current and new players remains high, and the Ronin Network breach in March 2022 is still fresh.
It is likely that Axie Infinity price will move even lower, breaking the current 2022 lows to test the psychological $20 value area. $20 also contains the 61.8% Fibonacci retracement and a prior high volume node in the 2021 Volume Profile. Below $20, though, things get dicey.
There is almost no traded volume history in the Volume Profile between $20 and the next high volume node at $8. With all of the bearish fundamentals, worldwide risk-off sentiment, and increasingly competitive space, AXS has an almost impossible road to recovery.
However, some significant volume has returned to AXS since May 6. The result of the increased volume has generated a new high volume node in the 2022 Volume Profile. The new high volume node at $30 is significant because it is the fastest-growing high volume node for 2022 thus far.
AXS/USDT Daily Ichimoku Kinko Hyo Chart
If bulls can hold $30 and complete a close above $35, then the wide gap in the Volume Profile suggests Axie Infinity price could swiftly move to retest $50.
